Saving for a deposit is hard enough. But, that’s not the only expense you need to be prepared for when buying a place to live. There’s the solicitor’s fees, surveyor’s fees, stamp duty, registration, property tax…
The list goes on
And, when you finally get in through the front door, you may need a fridge, a dishwasher, oven and washing machine. A new sofa would be nice, of course. And how long can you really put up with an inflatable bed and patio furniture? Family and friends can help out with donations of furniture, fixtures and fittings but you probably want to put your own stamp on the new place. After all, it is your place. And, however well-meaning your folks are, there may be some donations you’d rather not have.
Cash when you need it most
This is one of those particularly expensive times in your life when a chunk of cash would come in especially handy. Well, first time buyers with a MortgageSaver account get a €2,000 bonus when they take out a mortgage with Bank of Ireland and up to 3% cash back too.
Here’s how it works
- Open a MortgageSaver account
- Option to lodge your existing savings (up to €20,000) and continue saving a minimum of €200 per month/maximum of €2000 for at least 6 months.
- Draw down your mortgage with Bank of Ireland before 30th November 2017
- Get 2% cashback straight away and a further 1% in 5 years.
And here’s the maths
The house of your dreams costs €350,000.
So you need a minimum deposit of 10% = €35,000 and a mortgage of €315,000
|When taking out a Bank of Ireland mortgage, you get||€2,000|
|Plus, when you draw down, you get 2% straight away||€6,300|
|Total after draw down =||€8,300|
|Then there’s your extra 1% after 5 years =||€3,150|
|Total cashback after 5 years =||€14,600|
So you get the cash you need just when you need it most. Worth thinking about, before you say yes to that 1980s sofa that’s sat in the family garage for the past 10 years, isn’t it?
For more information, take a look at our First Time Buyer Mortgage Deals
The Bonus is subject to DIRT at the prevailing rate and is paid after your mortgage is drawn down with Bank of Ireland. You can only open a MortgageSaver account if you are a resident in the Republic of Ireland. You must have a personal current account in the Republic of Ireland. To qualify for Mortgage Saver, applicants must save a minimum of €200/ maximum of €2000 monthly for 6 consecutive months and save €5,000 in total.
MortgageSaver provided by Bank of Ireland. Over 18’s only. Bank of Ireland is regulated by the Central Bank of Ireland. Terms and conditions apply.
Cashback is not available through Mortgagestore.ie. 3% Cashback available to First Time Buyers, Movers and Switchers. 2% Cashback on draw down of a new Bank of Ireland mortgage. 1% bonus in 5 years subject to meeting the conditions of the mortgage and must be a Bank of Ireland current account holder.
A typical mortgage to buy your home of €100,000 over 20 years with 240 monthly instalments costs €615.79 per month at 4.2% variable (Annual Percentage Rate of Charge (APRC) 4.3%). APRC includes €150 valuation fee and mortgage charge of €175 paid to the Property Registration Authority. The total amount you pay is €148,114.60. We require property and life insurance. You mortgage your home to secure the loan. Maximum loan is generally 3.5 times gross annual income and 80% of the property value (90% of the property value for first time buyers). A 1% interest rate rise would increase monthly repayments by €54.02 per month. The cost of your monthly repayments may increase – if you do not keep up your repayments you may lose your home. Mortgage applicants must be over 18.
WARNING: IF YOU DO NOT KEEP UP YOUR REPAYMENTS YOU MAY LOSE YOUR HOME.
WARNING: IF YOU DO NOT MEET THE REPAYMENTS ON YOUR LOAN, YOUR ACCOUNT WILL GO INTO ARREARS. THIS MAY AFFECT YOUR CREDIT RATING, WHICH MAY LIMIT YOUR ABILITY TO ACCESS CREDIT IN THE FUTURE CHANGE.
Lending criteria terms and conditions apply to the mortgage. Mortgage provided by Bank of Ireland Mortgage Bank.
Bank of Ireland Mortgage Bank trading as Bank of Ireland Mortgages and The Mortgage Store is regulated by the Central Bank of Ireland.